FAST FACTS

• Brendan Hanlon has served as the chief financial officer for the city of Denver since 2016.
• He has worked in the mayor’s office for nearly two decades, including as the city’s budget director for over four years. 
• Hanlon holds a master’s degree in public administration with a concentration in public budgeting from the University of Connecticut. There he also earned a bachelor’s degree in history and political science.
• He is a Connecticut native and moved to Colorado in 2002. 
• Hanlon and his wife live in Denver and have three children who attend Denver Public Schools.

Colorado Politics: Could you talk about your experience being at the helm of the city of Denver’s finance department in the midst of the pandemic?

Brendan Hanlon: The work to address the financial impacts of the pandemic on the city has been some of the most challenging of my career. The pandemic will impact our social and financial systems for years to come.

However, the team at the Department of Finance has consistently risen to every challenge this pandemic has presented us. Our team worked with city agencies to simultaneously solve a projected $220 million budget gap in the 2020 budget and a $190 million budget gap in the 2021 budget – and we are now balancing our 2021 budget while preparing to initiate our 2022 budget during what appears to be a similarly volatile period.

At the same time we were balancing budget reductions in our operating budget, our capital investments team was working alongside our partners in the city to accelerate the Elevate Denver bond program to boost jobs and economic activity across our city. We increased our fourth issuance from a planned $77 million to a $177 million issuance and secured a 1.75% all-in total interest cost. We also secured AAA Bond Ratings with all three ratings agencies and locked in more than $60 million of net present value savings when we closed on Series 2020A-B General Obligation Bonds in November. Additionally, my team created and implemented a risk mitigation strategy to ensure the strength and safety of the city’s $5 billion investment portfolio during extreme economic stress.

So, while this work has been extremely challenging, the dedicated and highly competent team at the Department of Finance has been innovating and carefully shepherding the city’s finances to ensure we not only whether this downturn, but that we are well prepared to recover from it.

CP: What do you envision the city’s financial landscape will look like this year? With the pandemic lingering, do you expect revenue losses will far exceed Denver’s estimated $190 million revenue loss in 2021, or does the vaccine give way to a more optimistic outlook? 

Hanlon: We expect to see some beginnings of a recovery in 2021, which is why you saw a slightly more optimistic projection for our revenues in the 2021 budget, but even with some modest growth, we are a ways from reaching 2019’s pre-pandemic revenue levels. 

We did not presume a large increase in virus cases at end of 2020 and the severity of that economic impact has yet to be seen (we won’t see final numbers for 2020 until we close the books in March).

We are hopeful that the pandemic will moderate somewhat in March and April as spring begins and vaccines become more prevalent. I remain concerned, however, about the resurgence from the new reported variants of the virus, and I think everyone is watching and waiting to see how vaccines are distributed. If we can hit some of these key measures with vaccine distribution, psychologically, I think more people will feel like we’re on track and it could help us see a stronger spring and summer season when we can get outside again.

CP: How has the Trump administration affected your job as Denver’s CFO? Do you anticipate your job becoming easier, more difficult or remaining unchanged under the Biden administration? 

Hanlon: Obviously, the decisions at the federal level impact us at the local level to some degree. I believe Mayor Michael Hancock has well-articulated some of the frustrations we had with the previous administration, both on economic and social issues.

From a purely financial lens, on the positive side, the CARES Act was important in helping us weather the impacts of COVID-19. However, it’s been frustrating to see the lack of support for state and local governments, like Denver, which are facing historic revenue impacts. Denver and other local governments are doing everything in our power to support our communities, respond to the pandemic, and avoid cutting city services only to be told that we’re not worthy of federal support.

I was very impressed with Treasury Secretary Janet Yellen’s comments during her confirmation about the “four crises” facing our nation. Specifically, Denver has been working to address the issues of racial inequity in our city, and it is important to have a partner at the federal level who understands that a K-shaped recovery is actually the result of what has essentially been a K-shaped economy for too many people – where, to borrow from Secretary Yellow, “wealth built on wealth while certain segments of the population fell further and further behind.”

I believe equity in our financial recovery is the single greatest opportunity before us today, and I’m pleased to be working for a mayor who not only embraces this work, but has been rolling up his sleeves and doing the work for much of his career.

CP: Let’s switch gears a bit. We know you as the city’s well-respected chief financial officer, but can you help us get to know Brendan Hanlon outside of Denver City Hall? 

Hanlon: I’m from Connecticut, went to the university of Connecticut, and moved to Colorado and have lived in Denver since 2002. My wife and I have three children who all attend Denver Public Schools, and in my spare time, I run 1,000 miles per year.

I love living in Denver and care very much about this community. I’ve dedicated my career to improving Denver’s quality of life while doing so in a fiscally sustainable fashion so future Denverites can enjoy this community. 

CP: As the trusted holder of Denver’s purse strings, we have a pretty good feeling you have some savvy financial advice for those of us who are a little less competent with money managing. As we kick off a new year, and close out our interview, could you share with us some of your best financial tips? We’d appreciate it!

BH: My best economic advice right now is that we should all be following the public health guidance. I would encourage us all to maintain our diligence and adherence to our public health orders and get vaccinated. I think doing so will help us move past this crisis and will improve our individual and collective financial fortunes.

If you are someone who is struggling to make the ends meet through this crisis, I strongly encourage reaching out to our Office of Financial Empowerment by calling 311 or 211. They offer some great tools for personal financial planning and supports.